The Federal Perkins Loan is available to undergraduate and graduate students who demonstrate exceptional financial need and who usually have already exhausted their Federal Direct Loan eligibility for the year. Since there is a limited pool of Federal Perkins Loan funds each year, these loans are awarded first to students who meet the FAFSA priority filing deadline of March 1, prior to the academic year the student plans to attend.
The annual maximum loan limit for undergraduate students is $5,500 and the aggregate maximum is $27,500. The annual maximum loan limit for graduate students is $8,000 and the aggregate maximum is $60,000. However, due to limited funding availability annual award amounts awarded to Marshall University students are usually less than the maximum allowable.
Your loan cannot be disbursed to your student account until you have signed the Federal Perkins Master Promissory Note, a legal and binding contract of your promise to repay the Perkins loan. Interest does not accrue while you are enrolled at least half-time. You have a nine-month grace period, which begins when you graduate or cease to be enrolled at least half time. At the end of the grace period, you begin repayment to Marshall University. The fixed interest rate of 5% begins when you go into repayment and monthly payments are calculated for full repayment within 10 years (120 months) or $40 monthly, whichever is greater.
The Bursar Office provides Perkins Loan management services to students, which includes Perkins Loan Entrance Loan Counseling, information about signing a Perkins, Master Promissory Note, Perkins Exit Loan Counseling, and collections. For more information, visit http://www.marshall.edu/bursar/student-loans/student-loan-administration/